Eqaro Guarantees, a financial institution providing surety solutions in India, has today announced a partnership with YourOwnROOM, a Bengaluru-based start-up, a residential real estate prop-tech rental and property management company. Under the arrangement, Eqaro Guarantees will issue rental bonds on behalf of YourOwnROOM’s tenants at a nominal fee to the landlord. This will enable the tenants to move into rented apartments without any security deposit.
This initiative between Eqaro & YourOwnROOM aims to make available zero deposit rooms to the entire tenant community including families, working professionals, and singles. Traditionally, landlords have been reluctant to let out their property to singles and working professionals for various reasons, including trust deficit, concerns over the tenant’s conduct, and upkeep of the property. The partnership is intended to
address such issues and help facilitate the availability of preferred accommodation without any security deposit. The customized offering is extremely wide in its coverage, including cover for unpaid rent, lock-in period up to 11 months, damages to the property, utility bill payment, move-out charges, and breach of the notice period. YourOwnROOM is a trusted custodian of residential assets for homeowners
and offers multi-year rental & property management services to landlords. It signs a 3-5 year MoU with property owners to manage their property and rentals. The proposition benefits the landlords as well. Eqaro Guarantees will provide landlords with credit verified and assessed tenants backed by an institutional guarantee.
Mr. Pankaj Bhansali, COO & CBO, Eqaro Guarantees said, “We are excited with our partnership with YourOwnROOM. YourOwnROOM being a leading prop-tech company in the co-living and property management
space with very strong processes will help us provide a differentiated experience to the landlords as well as the tenants. This alliance will make aspirational housing accessible to prospective tenants without the
need for security deposits. Rental Bonds are superior to traditional cash security deposits and provide the landlords with credit verified and assessed tenants. For the first time in India, the tenants will nowhave the opportunity of carrying forward the benefits of a good tenancy track record to their subsequent tenancies.
Mr. Sachin Joshi, CRO & CTO, YourOwnROOM said, “Real Estate sector integration with Financial Products was long due in India. YourOwnROOM Prop Tech platform has a deep focus on delivering an inclusive
ecosystem for our tenants and owners. Eqaro’s partnership perfectly aligns with our objective of making Residential Real Estate transactions more-safer and trustworthy. We are excited to increase the
‘Hassle-Free Living’ level for our tenants one notch up with this partnership. Going forward our tenants can opt on our platform option of subscribing to these rental bonds and reduce their cash-outflows.
Mr. Prabhat Kumar Tiwary, CEO, YourOwnROOM said, “Our key aim is to optimize the currently available real estate inventory and deliver an experience and value to the tenants. We aim to deliver ready-to-
move-in rooms for singles with zero deposits and no hassles. Our ready-to-move-in rooms and houses reduce the cost of moving into a new accommodation to nearly zero.”